Rent instead of Foreclose -- New BoA program

Bank of America is launching a pilot program that will allow homeowners at risk of foreclosure to hand over deeds to their houses and sign leases that will let them rent the houses back from the bank at a market rate.

While the initial scope of the “Mortgage to Lease” program is smallundefinedthe bank began sending letters Thursday offering leases to 1,000 homeowners in Arizona, Nevada and New Yorkundefinedit represents a big change in the way banks deal with borrowers who can’t afford their mortgages.